Business

The Obama Administration has proposed to reduce the corporate tax rate from the current rate of 35% – the second highest in the world after Japan – to 28%, eliminate several tax loopholes and virtually eliminate offshore tax shelters. This is considered good news for… Read More

The Jobs Originated Through Launching Travel (JOTR) Act is being heard by the US Senate today. The act aims to reform immigration law by expediting the visa process for Indian, Brazilian, and Chinese nationals seeking to visit the United States for tourism or business, boosting… Read More

Footwear imports from Vietnam will begin to eat into China’s market share, rising from 7% to 13% of production by volume by 2016, according to a recent publication by the Footwear Distributors and Retailers of America. The total market is expected to grow from $22.7… Read More

The Jobs Originated Through Launching Travel (JOTR) Act is being heard by the US Senate today. The act aims to reform immigration law by expediting the visa process for Indian, Brazilian, and Chinese nationals seeking to visit the United States for tourism or business, boosting… Read More

After announcing a drop in its Q4 earnings, Perry Ellis described a restructuring plan. The plan aims to close or spin off smaller brands and units, among other changes, though which brands and units will be closed has not been specified. Overall profits were down… Read More

Li & Fung Ltd. announced plans yesterday to continue acquiring struggling rivals and to expand its business into beauty and healthcare, according to CEO Bruce Rockowitz. Revenue increased by 21.5%, from 2010 to 2011. The company also unveiled higher than expected 2011 net income of… Read More

Sears Holdings Chairman and majority investor Edward Lampert has taken steps to insure Sears’s suppliers will be paid in the event of a bankruptcy, by purchasing an 80% interest in trade receivable put agreements. Sears total inventory has declined by $544 million year to year,… Read More

As part of our ongoing attempt to explore the changing sourcing environment in China, Sourcing Journal brings you an interview with one of of the leading thinkers on the topic. Shaun Rein is the founder and Managing Director of the China Market Research Group, as… Read More

Major electronics supplier Foxconn yesterday gave a 25% raise to its estimated 1.2 million employees. They will now make an average of $400 USD per month, before overtime. Foxconn also expressed a commitment to improving working conditions, following a wave of scandals regarding forced overtime,… Read More

KORUS FTA, a new free trade agreement between the United States and South Korea, will take effect March 15th. It will eliminate 95% of tariffs on consumer products over the next five years, including immediately eliminating trade protections on heavy textiles and footwear. This is… Read More

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